Sears Is Dead. Eddie Lampert Is Still Very Much OK

Sears bankruptcy seen imminent as once-dominant retailer keeps shrinking

Several other Louisville-area Sears and Kmart stores have also closed in recent years.

The question now is whether a smaller version of the company that once towered over the American retail landscape can remain viable or whether the iconic brand will be forced out of business.

The documents were filed Monday by parent company Sears Holdings Corporation as part of its petition for Chapter 11 bankruptcy relief.

This comes after Sears declared bankruptcy on October 15. Gaining control of vacated sites will be costly, while rebuilding the stores can run about $10 million to $12 million, or about $100 per square foot, for each site.

"Sears has been dying for many years", Trump told reporters on Monday morning.

Eddie Lampert, Sears's chief executive officer and largest shareholder, may also look to sell some of the company's assets in bankruptcy - possibly to himself. In its last fiscal year, it generated $16.7 billion in sales, down from more than $50 billion in 2008. Mr. Lampert believes the company can reorganize around roughly 300 of the most profitable stores, a person familiar with his thinking said.

Chicago's Sears Tower was the world's tallest building when it was completed in 1973, but in the following decades consumers increasingly turned to e-commerce and brick-and-mortar rivals such as Walmart and Target.

Electrolux, which has its US headquarters in Charlotte, N.C., pledged in a news release Monday to work with Sears during its restructuring "to explore the prospects of continuing its business" with Sears, while managing financial exposure.

"I remember getting clothes and Toughskins, things like that", Landi said.

Sears is filing for Chapter 11 bankruptcy protection.

Yes. The company says Sears Home Services is operating as usual.

2005 - Kmart buys Sears and the company becomes the Sears Holdings Corp.

"We're still here", said Bill Becker, owner of Jasper's Sears Hometown store.

"It's not been a surprise but it's been frustrating that it's taken so long", David Bujnicki, in charge of investor relations and strategy at Kimco, said in an interview of the long-expected bankruptcy.

Sears, once the largest seller of home appliances in the USA, trailed Lowe's, Home Depot and Best Buy in 2018 sales, according to an annual report published by TWICE.

An out-of-court resolution "did not prove possible", ESL said.

"It is going to be expensive, in some cases, to redo these boxes, but that's just part of being a landlord", Rothman said.

"As a kid, everyone would talk about Toughskins from Sears", said Tammy Duke of Butner, who wore the jeans as a child. As a result, he could force Sears to sell the stores or transfer them to him to repay that debt. Sears recently added a restructuring expert as a company director for an additional layer of guidance on how to navigate a bankruptcy filing. ESL Investments is also Sears' largest stockholder and creditor.

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